The stock of CNOOC Ltd (ADR) (NYSE:CEO) hit a new 52-week high and has $218.88 target or 61.00% above today’s $135.95 share price. The 7 months bullish chart indicates low risk for the $62.07B company. The 1-year high was reported on Oct, 19 by Barchart.com. If the $218.88 price target is reached, the company will be worth $37.86B more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 58,711 shares traded hands. CNOOC Ltd (ADR) (NYSE:CEO) has risen 14.76% since March 16, 2016 and is uptrending. It has outperformed by 9.21% the S&P500.
CNOOC Ltd (ADR) (NYSE:CEO) Ratings Coverage
Out of 9 analysts covering CNOOC (NYSE:CEO), 5 rate it a “Buy”, 1 “Sell”, while 3 “Hold”. This means 56% are positive. CNOOC has been the topic of 11 analyst reports since August 24, 2015 according to StockzIntelligence Inc. Credit Suisse upgraded the shares of CEO in a report on Thursday, August 27 to “Neutral” rating. The stock has “Buy” rating given by Bank of America on Monday, August 31. Barclays Capital maintained the stock with “Equal Weight” rating in Monday, August 24 report. Morgan Stanley downgraded the stock to “Equal-Weight” rating in Tuesday, May 10 report. The firm has “Sell” rating by Credit Agricole given on Tuesday, December 8. As per Tuesday, May 17, the company rating was upgraded by Mizuho. The stock of CNOOC Ltd (ADR) (NYSE:CEO) has “Buy” rating given on Tuesday, September 29 by Jefferies. The firm earned “Neutral” rating on Thursday, August 27 by Bank of America. The rating was upgraded by BOCOM International to “Buy” on Tuesday, June 21. The stock of CNOOC Ltd (ADR) (NYSE:CEO) earned “Buy” rating by Nomura on Wednesday, May 18.
According to Zacks Investment Research, “Cnooc Limited is a company that engages primarily in the exploration, development and production of crude oil and natural gas offshore China. We are the dominant producer of crude oil and natural gas and the only company permitted to conduct exploration and production activities with international oil and gas companies offshore China.”
More important recent CNOOC Ltd (ADR) (NYSE:CEO) news were published by: Marketwatch.com which released: “/quotes/zigman/3870025/realtime” on September 13, 2010, also Bidnessetc.com published article titled: “Why CNOOC Ltd (ADR) (CEO) Nexen Slashed Workforce By 13%”, Bidnessetc.com published: “Petrobras: CNOOC Ltd Shows Interest to Purchase Braskem Stake” on March 14, 2016. More interesting news about CNOOC Ltd (ADR) (NYSE:CEO) was released by: Bidnessetc.com and their article: “China Ushers In Leadership Change At State-Run CNOOC Ltd (ADR), Sinopec and CNPC” with publication date: May 04, 2015.
CEO Company Profile
CNOOC Limited, incorporated on August 20, 1999, is a holding company. The Firm is an upstream firm engaged in the exploration, development and production of oil and natural gas. The Firm operates through three divisions: exploration and production, trading business and corporate. The Firm is engaged in the upstream operating activities of the conventional gas and oil, shale gas and oil, oil sands and other unconventional gas and oil business. In offshore China, the Company engages in oil and natural gas exploration, development and production in Bohai, Western South China Sea, Eastern South China Sea and East China Sea, either independently or in cooperation with foreign partners through production sharing contracts (PSCs). The Firm also holds interests in oil and natural gas blocks in Indonesia, Australia, Nigeria, Uganda, Argentina, the United States, Canada, the United Kingdom, Brazil and various other countries.
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